Insurance Principles Dialogue

About this activity

Learn core insurance principles

Created by

Lakshmi Reghunath

United Arab Emirates

Download the paper version to play

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Insurance Principles DialogueOnline version Learn core insurance principles by Lakshmi Reghunath Instructor Utmost Good Faith (Uberrima Fides): Both parties must be completely honest and transparent. The insured must disclose all material facts—such as medical history or property condition—so the insurer can accurately assess the risk and determine the premium. Student Insurable Interest: You must have a legitimate, legal financial stake in the person or property being insured. You cannot, for example, take out an insurance policy on a stranger’s car or your neighbor's house. Instructor Indemnity: This principle states that insurance is designed only to restore you to the exact financial position you were in prior to the loss. It prevents you from profiting from a tragedy, though it does not typically apply to fixed-benefit policies like life insurance. Student Proximate Cause (Causa Proxima): If a series of events causes a loss, the insurer looks at the nearest or most direct cause. If the direct cause is a covered peril, the claim is paid; if it is an excluded peril, the claim is denied. Instructor Subrogation: After an insurance company pays out a claim for a loss caused by a third party, the company takes over your right to sue or seek compensation from that responsible party to recover their payout. Student Contribution: If you hold multiple insurance policies on the same subject matter, the insurers will share the cost of the claim proportionally. This prevents you from collecting payouts that exceed the actual value of the loss. Instructor Loss Minimization: As a policyholder, you have a duty to act as though you are uninsured and take all reasonable steps to minimize the loss or prevent the damage from spreading.

Insurance Principles DialogueOnline version

Learn core insurance principles

Utmost Good Faith (Uberrima Fides): Both parties must be completely honest and transparent. The insured must disclose all material facts—such as medical history or property condition—so the insurer can accurately assess the risk and determine the premium.

Student

Insurable Interest: You must have a legitimate, legal financial stake in the person or property being insured. You cannot, for example, take out an insurance policy on a stranger’s car or your neighbor's house.

Instructor

Indemnity: This principle states that insurance is designed only to restore you to the exact financial position you were in prior to the loss. It prevents you from profiting from a tragedy, though it does not typically apply to fixed-benefit policies like life insurance.

Student

Proximate Cause (Causa Proxima): If a series of events causes a loss, the insurer looks at the nearest or most direct cause. If the direct cause is a covered peril, the claim is paid; if it is an excluded peril, the claim is denied.

Instructor

Subrogation: After an insurance company pays out a claim for a loss caused by a third party, the company takes over your right to sue or seek compensation from that responsible party to recover their payout.

Student

Contribution: If you hold multiple insurance policies on the same subject matter, the insurers will share the cost of the claim proportionally. This prevents you from collecting payouts that exceed the actual value of the loss.

Instructor

Loss Minimization: As a policyholder, you have a duty to act as though you are uninsured and take all reasonable steps to minimize the loss or prevent the damage from spreading.

You can integrate the game into an LMS compatible with LTI 1.1 or LTI 1.3 such as Canvas, Moodle, or Blackboard. This way, the scores will be automatically saved into the platform’s gradebook.

Insurance Principles Dialogue

Dialogue

About this activity

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Download the paper version to play

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Insurance Principles DialogueOnline version

by Lakshmi Reghunath

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